The U.K. government announced plans to draft a regulatory framework for the crypto industry by early next year, promising clarity for stablecoins and staking services.
Economic Secretary Tulip Siddiq stated that under the new rules, stablecoins will no longer be categorized under the U.K.'s payments regime, which marks a significant regulatory shift.
Siddiq emphasized that these forthcoming regulations will address concerns related to staking, ensuring it won't be classified akin to a collective investment scheme.
This new initiative follows a prolonged period of uncertainty post the Labour government's July election, as previous regulations under the Conservative government also aimed to regulate crypto activities.
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